graph TD
classDef dashed fill:none,stroke-dasharray: 5 5;
subgraph "High Uncertainty"
direction TB
T0h2[T=0] -->|20%| A1h2[Action 1]
T0h2 -->|5%| A2h2[Action 2]
T0h2 -->|5%| A3h2[Action 3]
T0h2 -.-> Ax1[Action X1]
T0h2 -.-> Ax2[Action X2]
Ax1:::dashed
Ax2:::dashed
end
subgraph "Low Uncertainty"
direction TB
T0h1[T=0] -->|60%| A1h1[Action 1]
T0h1 -->|20%| A2h1[Action 2]
T0h1 -->|20%| A3h1[Action 3]
end
Main results
| Dep. Var. = ContingencyR | (1) | (2) | (3) |
|---|---|---|---|
| Industry earnings volatility | 0.1147 [2.81]*** |
||
| Industry cash flow volatility | 0.1240 [2.13]** |
||
| Industry return volatility | 0.1880 [2.08]** |
||
| Controls | Yes | Yes | Yes |
| Observations | 4006 | 4006 | 4006 |
| Adjusted R - squared | 0.0767 | 0.0761 | 0.0765 |
| Sector & year FE | Yes | Yes | Yes |